Crypto Markets Today: Bitcoin, Ether Edge Higher; HyperLiquid Surges on $1B Purchase Plan

The crypto market began to establish a level of support on Thursday following a turbulent couple of weeks.

Bitcoin BTC$83,944.29 and ether ETH$2,792.57 posted slight gains; rising 1.6% and 1.1% respectively, and tokens including BNB and SOL posted even greater moves to the upside.

The star of the show was Hyperliquid HYPE$32.18, which climbed 12% after HyperLiquid Strategies said it is looking to raise $1 billion in order to purchase the token.

The relative lack of volatility on Thursday compared with price action over the past few weeks is also reflected in derivatives data, with funding rates hovering around zero.

Derivatives Positioning

By Omkar Godbole

• Open interest (OI) in HYPE futures surged 17% in 24 hours, reaching a two-week high of 40.24 million HYPE. Occurring alongside a rise in price and positive funding rates, the increase indicates growing demand for leveraged bullish exposure.
• OI in BTC and ETH has barely changed, a sign traders are reluctant to place bets ahead of Friday's U.S. CPI release.
• Volmex's BVIV, which measures the annualized 30-day implied volatility in BTC, has pulled back slightly to 50% but remains well above the September low of 35%. The elevated level reflects persistent concerns arising from newfound risks like auto-deleveraging and liquidity issues.
• Funding rates for major cryptocurrencies continue to hover near zero in a sign of balanced market conditions. XMR and BNB rates are slightly negative, indicating a bias for bearish short positions.
• On Deribit, flows featured BTC put spreads. Overall, puts continue to trade at a premium to calls.

Token Talk

By Francisco Rodrigues

• Jupiter's native token, JUP, rose more than 3% in the last 24 hours after the decentralized exchange posted strong growth across key business metrics in the third quarter.
• The Solana-based project is also pushing to launch its own stablecoin and prediction market.
• Quarterly revenue rose 19.2% to $45.8 million, while trading volume, driven by both spot and perpetual products, jumped 71% to $242.8 billion.
• Fees generated reached $121.5 million, up nearly 48% from the second quarter. Despite the growth, JUP's market cap edged down 1.5% to $1.35 billion.
• Jupiter attributed the growth to new product rollouts, including its Ultra v3 trading engine and a lending protocol that the team says is one of the fastest-growing on Solana. Active wallets increased 5% to 8.4 million, and total value locked (TVL) rose 41.7% to $3.4 billion.
• JUP outperformed the wider crypto market, which rose 1.6% based on the performance of the CoinDesk 20 (CD20) index.